“Trade is not an end in itself, it is ultimately about connecting people and building a safer, happier and more prosperous future for everyone to benefit from.” On May 24, about 500 people from Chinese and foreign business circles attended the event At the 2023 Global Trade and Investment Promotion Summit held in Beijing, many of them have been deeply involved in the Chinese market for decades, believe that China’s economic growth will benefit the world, and believe that China will still be a fertile ground full of opportunities and potential in the future.
The theme of this summit is “firm confidence, win-win cooperation and building an open world economy”. At the meeting, the “2023 Global Trade and Investment Promotion Summit Beijing Initiative” was released. At a time when the global economy is facing difficulties in recovery, the global business community has reached an agreement Consensus of solidarity and cooperation.
China remains the driver of global growth
Recently, as China’s economy continues to show signs of recovery, international institutions have raised their forecasts for China’s economic growth. Following the International Monetary Fund (IMF), the United Nations recently raised its forecast for China’s economic growth in 2023 to 5.3% from the previous 4.8%.
The IMF previously predicted that China’s economy is expected to grow by 5.2% this year, contributing 34.9% to global growth. Since then, JP Morgan has raised China’s 2023 GDP growth forecast from 6% to 6.4%, Citigroup has raised it from 5.7% to 6.1%, Goldman Sachs has raised it from 5.5% to 6%, and UBS has raised it from 5.4% to 5.7%.
International institutions are generally optimistic about the Chinese economy, which has also enhanced the confidence and expectations of global investors in the Chinese market.
Although China-US relations are currently facing serious difficulties and severe challenges, Craig Allen, chairman of the US-China Business Council, remained optimistic about the prospects for US companies to explore the Chinese market in his video speech at the summit. He said that American companies have clearly received positive signals from China from the central government to local governments: China will continue to optimize the business environment and attract foreign investment. It also encouraged American companies.
Allen cited US statistics as an example. In 2022, US exports of goods to China will bring 1 million jobs to the US. China is the third largest goods trading partner of the United States and ranks among the top three export destinations of 38 states in the United States. “It is undeniable that workers, farmers, ranchers, and fishermen have benefited from the cornerstone of U.S.-China trade and investment. A healthy and balanced U.S.-China economic and trade relationship is in the interests of both sides. History shows that the more interconnected, the less likely conflict is.” The lower it is, the greater the likelihood of shared prosperity.”
The world needs China, China is willing to share
Rio Tinto Chairman Paul Damin was the Canadian ambassador to China. He lived in China for many years and was able to closely observe the development of China in all aspects. He believes that China’s economic growth is more balanced and sustainable, “Today, China is not only a source of global labor force and market demand, but also increasingly a source of expertise and technology to promote high-quality development, which will help other countries in the world to achieve The transition to a more sustainable future.”
Sir Gu Peiqin, chairman of the China-Britain Business Council, came to China again after 3 years. He was pleasantly surprised to observe the changes in Chinese society: In Shenzhen, one-third of the roads are new energy vehicles with green license plates. “Everywhere we go, we see a strong recovery in the Chinese economy, and it’s using futuristic technology.”
Sir Gu Peiqin emphasized that when the United States accuses China of intellectual property rights, it should take a look at the intellectual property rights created by China. These technologies are developed in China and shared by the world. “The world needs China, and China is willing to share, and we must also participate in this process.”
Last month, the American Chamber of Commerce in China released the annual White Paper on American Enterprises in China, which showed that 59% of American enterprises in China are optimistic about China’s economic development prospects in the next two years, and 73% of enterprises said that they would not transfer their supply chains to China. Move out of China.
“China has always been an important partner in our trade in goods and services, especially in agriculture, aviation, finance, education, etc. Trade with China has enabled American companies to continue to be leaders in global industries, and trade with China has benefited us Many.” Hua Ganglin, chairman of the American Chamber of Commerce in China, said that the two economies of China and the United States are highly integrated, and a sudden impact will have disastrous consequences for both countries and the entire world. He believes that the national security concerns of the two countries should be addressed through communication between the governments.
The just-elected President of the European Union Chamber of Commerce in China, Yan Ci, also mentioned “security concerns” and believed that the Ukraine crisis has had various impacts on Europe. He also reminded that China’s exports are very strong, occupying the world’s largest export market share in the past three years. So when talking about “de-risking”, it should be made less dramatic and increase constructive cooperation that benefits both parties.
The business community joins hands to promote the recovery and development of the global economy and trade
At the summit, representatives of the China Council for the Promotion of International Trade and the participating business circles released the “Beijing Initiative for the 2023 Global Trade and Investment Promotion Summit”. The initiative mainly includes five-point initiatives including strengthening confidence, solidarity and cooperation, promoting the stabilization and recovery of the world economy, adhering to innovation-driven development, promoting green and sustainable development, and giving full play to the unique role of the business community.
Ren Hongbin, chairman of the China Council for the Promotion of International Trade, introduced that the China Council for the Promotion of International Trade will build more cooperation platforms for the global business community, provide more public products to help companies understand China’s business environment, and provide companies with services such as commercial laws to increase the relationship between countries. cooperation opportunities between them, and contribute to the recovery and development of the global economy and trade.
Personages in foreign business circles have expressed that they will continue to promote more economic and trade cooperation between their countries and China through their own efforts.
In Hua Ganglin’s view, the business community will always be a stabilizer. Even in the most challenging moment, China and the United States must maintain economic and trade cooperation. “We have seen some encouraging news in the past few weeks, high-level contacts in the government, and hope that the two governments will start face-to-face communication as soon as possible.”
The China-Britain Business Council has 540 member companies. Sir Gu Peiqin said that the main role of the association is to help companies better understand China’s business environment and promote exports and investment in China. He said frankly that they have done a lot of support and advocacy work in the past three years, emphasizing the importance of the Chinese market throughout the UK. “I’m very glad that the political climate in the UK is starting to change, and common sense is starting to return.”
Yin Daoxuan, chairman of the Korean Chamber of Commerce in China, believes that the new stage of China’s high-quality development will surely bring a series of new opportunities. He took the resident savings rate of some countries in 2022 as an example. The United States will be 21%, Japan will be 27%, South Korea will be 35%, and China will be 46.4%. “Some reports pointed out that the main reason for China’s high reserve ratio comes from the instability of social security expectations. However, the Chinese government is gradually improving social security and related systems. will be improved, China’s domestic demand market will inevitably expand accordingly, and enterprises will have more opportunities.”
bolivian president arce
China has become an important participant in Latin American trade and investment. China’s growing demand for raw materials and agricultural products in Latin America has greatly promoted exports in Latin America, created more economic opportunities, and helped local people increase their income. Within the framework of the global development initiative, Bolivia and China have carried out fruitful and practical cooperation in the field of economy and trade, especially promoting the implementation of common development strategies in lithium, zinc and other important fields. We agree with the Global Civilization Initiative, and believe that tolerance, coexistence, exchanges and mutual learning among different civilizations play an irreplaceable role in advancing the process of human modernization, and we must work together to build a fairer and just world economy.
At present, some countries are pursuing unilateralism and protectionism, trying to contain China through the so-called “decoupling” policy. This approach is the main threat to the current globalization pattern. Developing countries will be affected, and rich countries will also suffer losses . Unilaterally raising tariffs and passing the “Chip and Science Act” to block China’s semiconductor industry chain will only disrupt the global value chain and further aggravate the division of globalization. Leaders of some advanced economies are increasingly aware that instead of advocating such “forced reshoring”, it is better to pursue an active international cooperation policy to diversify suppliers and enhance economic resilience.
Photo by Schwab and Guanxin, founders and executive chairmen of the World Economic Forum
In the next few years, there will be a landmark industrial change in the world, which will have a subversive impact on economic development and business models. There are three main driving forces: one is energy transformation, which will prevent the world’s climate from being damaged; the other is the reshaping of the global supply chain, which will It is caused by the superposition of the new crown pneumonia epidemic and geopolitical tensions; the third is the fourth industrial revolution, which is not only the progress of a single technology, but also means the integration of biology, reality and digital world, urging us to rethink economic and business development A model that provides new and greater opportunities for entrepreneurial and innovative people. Only through global cooperation, turning crises into opportunities, acting together, and creating a win-win situation, can we achieve a new economic revival. (Wu Na Baibo)
Tags: Firm confidence winwin cooperation build open world economy_Guangming .com-